All Forum Posts by: Russell Santos

@Brandon Sturgill Hi, thank you for responding. I'm fairly a new wholesaler within a year and I live in the Long Island NY area. I haven't even done one wholesale yet, just focused on marketing and possibly house hack my way into a first income property. I'm not sure on any tax liens, but I know they don't pay any taxes because of an endowed of the deceased relative which I don't even know what that means. I don't want to give up on this possible deal, but at the same time want to sort out my proper exit clauses.

My goal other than Wholesale is to house hack via multifamily. I've been networking for some time now and a co-worker of mine noticed my "we buy houses" car magnet and told me about a property he and his girlfriend inherited. It's a triplex and he always gets people knocking on his door to purchase his property for $1 million. The property is in a great location, taxes are $12k, basement is not finished, last updates were 7-10 years ago and currently has tenants upstairs. He doesn't want to sell it to other investors, but would rather get me into the deal because he knows me and not the other people. He doesn't want a lump some of money and is looking for a cash flow with an intention to sell I believe. His motivation seems to be that he knows that the property has great potential, but he knows that he won't put the work in the property himself, that's why he's approaching me. He doesn't know about seller financing or lease options and this property meets my criteria on living and renting the units out, which might rent for $6k per unit based on the location. I may have investors that would want to partner on the deal, but so far I've met people who are only looking to fix & flip.

Is this deal too much for me to take on? I'm doing my best with thinking of creative solutions to acquire with opm, rehab, and rent to tenants while the seller is receiving their cash flow. I even thought about possibly partnering with him and manage the property, but I feel I need more skin in the game. I've also thought about getting the property under contract to seller finance and wholesale the deal, but I need to let him know what I'm planning to do, so he knows. Plus I really want to live in the property. Any advice would be greatly appreciated.

Hi I lived in Long Island the majority of my life. I spent about the last year learning as much as I can on the real estate, taking classes, learning as much as I can on my market, watching BiggerPockets videos, reading books, networking everyday for the past 2 months, direct mail marketing, and recently created a lead website. Wholesaling is my current wheelhouse mainly because I don't have the steady job to really save enough money for an income property.

I've talked to attorneys and wholesaling in New York in general, from my understanding, is a difficult process compared to other states. Some of my concerns have to do with down payments of about 10 to 20% which I don't have but in some cases I hear I can put down some earnest money, depending on the sellers situation. I'm not letting that get in my way, my main question is to wholesalers in the Long Island area.

What type of advice can you give to a new wholesaler in the Long Island area? I feel like I am wasting my time in this market, but still not giving up and trusting the process.

Thank you so much for the insight on this @Greg Scott & @Lydia T.

Hi, I'm a new real estate investor and my first post on BiggerPockets, currently focusing on wholesale. My question has to do with the concept of short sale. What is it exactly? I've heard the term flown around and the concept doesn't seem to stick with me and I was wondering if someone could be so kind to explain it so I know how to spot this and use it for my future deals. Thank you in advanced!